Stocks to buy today | Vaishali Parekh’s stock recommendations for today: The key benchmark indices of the Indian stock market opened sharply lower and remained under pressure as markets witnessed a sell-off following the RBI’s rate hike. The central bank raised rates by 25 basis points and shifted its stance to “calibrated tightening,” triggering a negative reaction across the benchmarks. Continued weakness in the rupee further weighed on investor sentiment.
The Nifty 50 declined 0.76% to close at 22,603, while the Sensex fell 0.59% to close at 72,638.
On the sectoral front, PSU Banks and Media were the key gainers, while Metal, Realty, Auto and IT remained the major laggards. The broader market remained mixed, with the Nifty Midcap 100 declining 0.63%, while the Nifty Smallcap 100 gained 0.30%.
Stock market prediction by Vaishali Parekh
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market is biased toward caution, as the 50-stock index remains below 23,000. She said the Nifty 50 index is trading in a broader range of 22,000 to 23,000. A bullish or a bearish trend can be assumed on the breakage of either side of the range.
Speaking on the outlook for the Nifty 50 index, Vaishali Parekh said, the 50-stock index amid volatility slipped in the final hours to end in the red near the 22600 zone with bias still maintained with a cautious approach, with clarity yet to be established and a need to wait for further developments in the coming sessions to confirm further movement on the index.
“The Nifty 50 index would have the crucial support near the 22,200 zone on the downside and on the upside, as mentioned earlier, a decisive breach above the 23,000 level is necessary to establish conviction and clarity for further upward move,” said Parekh.
On the outlook for the Bank Nifty index, the Prabhudas Lilladher expert said, the key benchmark index witnessed wild fluctuations during the session post the RBI policy outcome and managed to close just above the 55,000 zone on a flat note with bias and sentiment still maintained with a cautious approach and would need clarity in the coming sessions for further movement.
“The Bank Nifty index would have the crucial and major support positioned near the 53,000 zone, which needs to be sustained and, on the upside, a decisive move above the confluence of 50EMA and 100 period MA at the 56,500 zone is necessary to establish conviction and thereafter, expect further upward movement in the coming days,” she added.
Vaishali Parekh recommends three stocks to buy today
Regarding stocks to buy today, Vaishali Parekh recommended three shares: Balrampur Chini, Bluestone, and Kotak Mahindra Bank.
1] Balrampur Chini: Buy at ₹708 | Target ₹745 | Stop Loss ₹685;
2] Bluestone: Buy at ₹830 | Target ₹880 | Stop Loss ₹800; and
3] Kotak Mahindra Bank: Buy at ₹440 | Target ₹470 | Stop Loss ₹428.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
